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Twitter, Facebook Help FBI Track Down Next Wave of Securities Fraud

Agents searching for securities fraud rely heavily on social media such as Twitter and Facebook to find inside traders, Reuters reports.

Agents said inside traders use advances in technology and social media to communicate.

“I will tell you technology will play a huge part, social media, Twitter. Any kind of technology that is new and doesn’t exist today, if there is any way to exploit it, these individuals will exploit it,” April Brooks, a special agent in charge of the New York field office of the FBI, told Reuters.

The investigation of insider trading, called “Operation Perfect Hedge,” has netted more than 60 convictions, Reuters reported.